KBC Group NV Reduces Position in Rivian Automotive, Inc. $RIVN

KBC Group NV decreased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 87.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 97,615 shares of the electric vehicle automaker’s stock after selling 699,483 shares during the period. KBC Group NV’s holdings in Rivian Automotive were worth $1,341,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Assetmark Inc. boosted its holdings in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares during the period. Fairman Group LLC bought a new stake in shares of Rivian Automotive during the second quarter worth $31,000. Banque Transatlantique SA boosted its stake in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares during the period. WPG Advisers LLC bought a new position in shares of Rivian Automotive in the first quarter worth about $34,000. Finally, PFS Partners LLC grew its holdings in shares of Rivian Automotive by 50.5% in the second quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock worth $41,000 after purchasing an additional 1,000 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RIVN. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Monday, August 25th. JPMorgan Chase & Co. raised their target price on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. DA Davidson boosted their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Tigress Financial raised their price objective on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday. Six research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $14.30.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $15.11 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm’s 50 day moving average price is $14.17 and its 200-day moving average price is $13.83. Rivian Automotive, Inc. has a 52-week low of $9.55 and a 52-week high of $18.13. The company has a market cap of $18.52 billion, a PE ratio of -4.86 and a beta of 1.82.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 87,250 shares of company stock worth $1,357,610 in the last ninety days. 2.16% of the stock is owned by corporate insiders.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.